PROMISSORY NOTE

 Principal Amount:           Dated:   October 19,1988

 $5,617,981.37                         Due Date: October 19 1989


   FOR VALUE RECEIVED, the undersigned promises to pay to the order of INDIANA
 FINANCIAL INVESTORS, INC., an Indiana corporation, the principal sum of Five
 Million Six Hundred Seventeen Thousand Nine Hundred Eighty-One and
 37/Hundredths ($5,617,981.37) Dollars, at 151 North Delaware Street, Suite 425
 Indianapolis, Indiana 46204, or at such other place as the holder hereof may
 direct in writing.

 Principal and interest, unless accelerated as provided  below, shall be paid
 as follows:

   1.   Interest Rate and Payments.  From the date of this Note interest shall
 accrue on the unpaid principal balance due hereunder at the rate of twelve
 (12%) percent per annum, payable quarterly commencing December 31, 1988.

   2. Principal Payment.   The entire unpaid balance (including principal and
 interest) shall be paid in full on or before October 19, 1989.

   All payments on account of the indebtedness evidenced hereby shall be
 applied (a) first, to any attorneys'fees, costs, charges and other
 indebtedness, if any, then due pursuant to the provisions of this Note,
 excluding those amounts set forth in subsections (b) and (c) of this
 paragraph, (b) second, to any accrued and unpaid interest, and (c) third, the
 balance, if any, to principal.

   The  Maker reserves the right to prepay at any time or from time to time all
 or any part  of  the  principal  balance  remaining  unpaid without premium or
 penalty upon any such prepayment; provided, however, that  any  and  each such
 prepayment  shall  be accompanied by the payment of interest at the aforesaid
 rate to the date of prepayment.

   The entire principal  amount outstanding, together with all accrued interest
 thereon, and other amounts  payable  hereunder,  shall,  at  the option of the
 holder  hereof,  become  immediately  due and payable in full at the  place  of
 payment in the event of the occurrence of any one or more of the following:

   (i) any installment payment under this Note is not paid when due and said
 default continued for ten (10) calendar days after written notice thereof has
 been given by the holder herof to the Maker; or

   (ii) the Maker becomes insolvent or bankrupt or is generally not paying its
 debts as such debts become due, or if a receiver is appointed, or bankruptcy,
 reorganization or liquidation proceedings are instituted against or consented
 to by the Maker.

 Failure or delay in any instance to exercise the option granted by this
 paragraph shall not constitute a waiver of the right thereafter to exercise
 such option in any subsequent instance, whether of the same or a different
 character.  Upon exercise of the option granted by this paragraph, interest
 shall thereupon accrue and be payable on the then unpaid principal balance of
 this Note at the rate equal to eighteen percent (18%) per annum.

   The Maker hereby waives, on behalf of itself, its legal representatives,
 successors, and assigns, presentment for payment, notice of dishonor, protest,
 and notice of protest, and further waives on behalf of itself and such other
 parties, to the extent permitted by law, the benefit of all appraisement,
 valuation, homestead, exemption, and moratorium laws now or
 hereafter in force.  The Maker agrees that the time of payment of any
 installment of principal or interest hereof may be extended without in any way
 modifying, altering, releasing, affecting, or limiting Maker's liability under
 this Note.  This Note shall be the joint and several obligation of all makers,
 sureties, guarantors and endorsers, and shall be binding upon them and their
 successors and assigns.

   This Note is secured by the Stock Pledge Agreement of even date herewith
 between Maker and Payee, pursuant to which Maker has pledged to Payee certain
 of Maker's legally owned shares of Wisconsin Real Estate Investment Trust, a
 Wisconsin common law business trust.

   Time is of the essence of all provisions of this Note.

   This Note shall be subject to, governed by, and construed according to the
 laws of the State of Indiana.

   Any notice, request or communication that is required or permitted to be
 given under this Note shall be in writing and shall be deemed to have been
 sufficiently given if delivered in person or deposited in the United States
 mail, postage prepaid, for mailing first class, either certified or registered
 mail, return receipt requested:



 If to Maker, addressed as follows:

 HICKORY FURNITURE COMPANY
 856 Seventh Avenue, S.E.
 Box 998
 Hickory, North Carolina 20603



 If to the holder of Note, addressed as set forth in the
 first page of this Note,

  or to such other address or addresses as the parties may from time to time
 designate to each other in writing.

                                                       HICKORY FURNITURE COMPANY


                                                       By:/S/ RICHARD E. HENKEL





 ATTEST:

 /S/ MICHAEL A. ROBINSON